政策与大类资产配置月观察：牛市行稳，方能致远

Group 1: Domestic Policy Developments - The State Council organized the fifteenth special study session focusing on accelerating the innovation and development of service trade, emphasizing the need to cultivate new momentum for foreign trade development [9][10][11] - The State Council's executive meeting discussed implementing comprehensive reforms for market-oriented allocation of factors in certain regions, highlighting the importance of deepening market-oriented reforms for a high-level socialist market economy [11][12] Group 2: Equity Market Analysis - In August, major equity indices in China continued to rise, with the Shanghai Composite Index, CSI 100, CSI 500, and Shenzhen Composite Index all increasing by over 10%, while the ChiNext Index surged by 24.13% [3] - The China Securities Regulatory Commission held a seminar on the "14th Five-Year" capital market planning, indicating a focus on the future development of the capital market [3] Group 3: Fixed Income Market Analysis - The People's Bank of China conducted a net fund injection of 446.6 billion yuan in August, with liquidity tightening slightly towards the end of the month [3] - The issuance of local government bonds accelerated in July, and the year-on-year decline in corporate profits significantly narrowed [3] Group 4: Commodity Market Analysis - The prices of non-ferrous metals rebounded, while crude oil prices saw a slight decline, and the prices of agricultural products, particularly pork, remained low [3] - The State Council issued opinions on promoting green and low-carbon transformation, which may impact the commodity market [15] Group 5: Foreign Exchange Market Analysis - The US dollar index declined by 2.2% in August, while the Chinese yuan appreciated by 1.21% during the same period [4] - The international balance of payments data showed a slight expansion in trade surplus in July, indicating a stable foreign exchange environment [4][22] Group 6: Major Events Outlook - The report anticipates that after September, policies will maintain continuity and stability, enhancing flexibility and predictability to address potential geopolitical risks and economic challenges [4]